1. Notwithstanding anything contained in this Act, the parties to an arbitration agreement, may, at any stage either before or at the time of appointment of the arbitral tribunal, agree in writing to have their dispute resolved by fast track procedure specified in this section.
2. The parties to the arbitration agreement, while agreeing for resolution of dispute by fast track procedure, may agree that the arbitral tribunal shall consist of a sole arbitrator who shall be chosen by the parties.
3. The arbitral tribunal shall follow the following procedure while conducting arbitral proceedings under this section, namely:—
   1. The arbitral tribunal shall decide the dispute on the basis of written pleadings, documents and submissions filed by the parties without any oral hearing;
   2. The arbitral tribunal shall have power to call for any further information or clarification from the parties in addition to the pleadings and documents filed by them;
   3. An oral hearing may be held only, if, all the parties make a request or if the arbitral tribunal considers it necessary to have oral hearing for clarifying certain issues;
   4. The arbitral tribunal may dispense with any technical formalities, if an oral hearing is held under clause (c).
4. The award under this section shall be made within a period of six months from the date the arbitral tribunal enters upon the reference.
5. If the award is not made within the period specified in sub-section (4), the provisions of sub-sections (3) to (9) of section 29A shall apply to the proceedings.
6. The fees payable to the arbitrator and the arbitral institution, in case the arbitration is administered by such institution, shall be as specified in the Fourth Schedule:
   Provided that the fees specified in the Fourth Schedule may be reduced by the parties.